The Internal Driving Force Of Self Development Of RMB Internationalization Has Gradually Formed.

It is reported that in order to reflect the recognition of the new situation, the new market and the new products of RMB internationalization in a timely manner, the white paper issued by the Bank extends the research objects to 3162 companies in 22 countries and regions, and sets up the topic of "entering the world's fortune 500" to reflect the overall situation of the use of RMB international financial products by large multinational enterprises.

Positive expectation of RMB's international status

After 5 years of development of RMB internationalization, more and more overseas enterprises have formed a more positive understanding and judgement on the prospect and status of RMB as an international currency.

Yue Yi briefed reporters.

According to the findings of the white paper published just now, compared with 2013, the surveyed overseas enterprises agreed that the position and role of RMB may become a very important international currency, which may be close to the US dollar and euro, reached 41%, 10 percentage points higher than that of last year, and the proportion of enterprises that recognized as "the international status and role of RMB is not well assessed" fell by 4 percentage points.

At the same time, domestic enterprises have more optimistic expectations for RMB's use in China's foreign trade settlement in the next 5 years. They believe that the proportion of RMB in foreign trade settlement will exceed 40% of the total, accounting for 17% of the surveyed enterprises, and that the proportion of RMB settlement will be between 20% and 30% of enterprises, and two items are 7 percentage points higher than last year.

It is worth mentioning that about 87% of domestic enterprises and 69% of overseas enterprises intend to use RMB settlement in cross-border pactions or further enhance the use ratio of RMB in receipts and payments, which is 10 and 8 percentage points higher than that in 2013.

According to statistics, China's cross-border RMB settlement volume has now exceeded 16 trillion yuan, and the amount of RMB settlement in goods trade accounts for about 16% of the total import and export volume in the same period. The RMB has become the second largest payment and settlement currency for China's foreign investment and economic cooperation.

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"The level of RMB actually used by cross-border enterprises in cross-border pactions has increased significantly compared with last year," the company said.

On the one hand, the proportion of RMB accounts for more than 15% in the process of import and export of foreign enterprises accounted for 26%, which accounted for 10 percentage points higher than that of last year, while the proportion of RMB accounts for less than 5% was 5 percentage points lower.

The survey feedback on domestic enterprises also showed similar results.

On the other hand, the distribution of counterparties in cross-border RMB settlement of foreign enterprises is fragmented.

In the 2013 survey, only 10% of overseas enterprises responded to the RMB cross border receipts and payments between third other countries outside China, while in 2014, the proportion rose to 41%.

Teng Linhui, deputy general manager of the Department of trade and finance of the Bank of China, said that the distribution area of RMB receipts and payments between the third sides outside the mainland of China was more extensive than that of the previous year. The RMB exchange between third parties will further enhance the level of RMB circulation abroad, which is also an important progress made in the development of RMB internationalization.

It is worth noting that the survey shows that when the domestic enterprises are facing adverse exchange rate fluctuations, the proportion of enterprises that can fully adhere to the price of the party or make greater concessions by the foreign party is gradually increasing, while the proportion of the enterprises that have made greater concessions and the loss of more exchange rate changes has been significantly reduced. This shows that the initiative of domestic enterprises in Renminbi pricing has been gradually improved, and the renminbi as a valuation currency has been fully reflected in the evasion of foreign exchange rate risk.

The white paper shows that the demand for RMB internationalization and financial products is diversified, and offshore RMB financial services are becoming more and more popular.

According to the survey, the cross-border RMB business of Fortune 500 companies is more comprehensive. There are not only RMB payment and demand, but also the need for asset and liability management of RMB. The development of RMB business of such enterprises plays an important role in the supply and demand of active offshore RMB market.

At the same time, overseas funded Chinese enterprises are the highest proportion of cross-border RMB settlement clients. Transnational enterprises and "going out" enterprises will become important drivers of cross border use of RMB.

The continuous improvement of RMB internationalization will also bring more financing and settlement facilities to relevant enterprises, and provide reliable guarantee for cross-border operation of enterprises.

Looking at the demand for financial products, the survey found that more than 50% of overseas enterprises believe that the convenience of paction settlement is the main factor affecting the convenience of cross border use of RMB; cross border RMB settlement and financing and other traditional products are the most popular products in the surveyed enterprises.

In addition, foreign exchange trading, global cash management and other combined products are also the products with high concern in cross-border pactions between domestic and foreign enterprises.

Among them, foreign exchange trading products are the link between RMB and other countries' currencies, and are important tools to manage exchange rate risks. Global cash management is an important means to facilitate pnational business enterprises to strengthen the use of global funds and enhance the efficiency and efficiency of capital use.

"These findings indicate that further promotion of cross border use of RMB should still focus on improving basic products such as cross-border RMB settlement, further streamlining business processes and improving the safety, speed and convenience of settlement of funds."

The white paper says.